Low Down Payments: Purchasing Your New Manufactured Home Could Get Easier
As 2014 slowly begins to wrap up, federal regulators have begun the arduous process of restructuring mortgage finance requirements, allowing for low down payment loans; as low as 3%. Potentially creating an opportunity for would be manufactured home buyers, who find themselves financially challenged, yet desperate to take that all important first step in acquiring the American dream … and purchasing their first manufactured home (MFH).
Low Down Payments: Purchasing Your New Manufactured Home Could Get Easier
Low Down Payments: Purchasing Your New Manufactured Home Could Get Easier
On Monday, Mel Watt, the Director of the Federal Housing Finance Agency let it be known that he supported Fannie Mae and Freddie Macs backing of loans which brought as little as 3% down to the closing table. Demonstrating immediate solidarity, on Tuesday, U.S. regulators approved the idea of loosened lending regulations. Doing away with the required 20% down payment for loans referred to as “Qualified Residential Mortgages.”
So what does this mean for today’s manufactured home buyer?
To begin with, it means more solid, hard-working Americans will be able to qualify for these previously restrictive high quality loans. As the modern MFH gains strong support from both environmentalists and the fiscally responsible, more Americans will soon discover the affordable luxury of the modern manufactured home. Offering an upfront savings of approximately 15 to 35% over their more traditional site built stick homes, today’s manufactured homes have just become 17% cheaper (based on the potential 3% down payment). Today’s modern manufactured homes are easily placed in any neighborhood and seamlessly blend in with today’s more modern designs – making them suitable for most upscale communities.
Based on 3% down … how much cash will I need for a deposit to qualify for a manufactured home loan? Well, that depends on where you live.
Average Sales Price of New Manufactured Homes:
U.S. Region Singlewide Doublewide Cash down
Pacific Region $41,500 $89,800 S: $1,245 | D: $2,694
Mountain West $45,500 $82,400 S: $1,365 | D: $2,472
East South Central $41,500 $74,400 S: $1,245 | D: $2,232
West South Central $42,500 $77,900 S: $1,275 | D: $2,337
South Atlantic $40,000 $76,100 S: $1,200 | D: $2,283
Midwest $43,400 $80,000 S: $1,302 | D: $2,400
Mid Atlantic $43,300 $76,000 S: $1,299 | D: $2,280
Northeast $43,300 $79,600 S: $1,299 | D: $2,388
